中国 The Cryptocurrency Barrier of the People's Bank of China (5) (Continued 3): The Evolution of Financial and Cryptocurrency Policies in India The previous continuation (2) discussed the risk warning documents of seven associations in China. Today, we will continue with an article on the situation in India. As both populous countries and fully committed to manufacturing, let's take a look at India's financial policies and transformation towards cryptocurrency: December 24, 2013 RBI releases Announcement on Risks of Virtual Currencies such as Bitcoin. The announcement states that virtual currencies such as Bitcoin are not authorized or regulated by any institution in India, and holders face financial, operational, legal, customer protection, and security related risks. After the announcement, the trading volume of Bitcoin in India decreased by 15% in the short term. December 24, 2014 The RBI has issued a second announcement reiterating its 2013 risk warning and emphasizing that virtual currencies may be used for illegal activities such as money laundering and terrorist financing. November 8, 2016 The Modi government has announced the abolition of 500 rupee and 1000 rupee banknotes, which account for 86.4% of the circulating currency, starting from midnight. After the abolition of currency, the trading volume of Bitcoin in India doubled, with local Bitcoin prices 30% higher than the global average, and P2P trading volume surged by 200%. February 7, 2017 RBI issues third virtual currency risk announcement, requiring financial institutions to strengthen customer due diligence. November 2, 2017 The government has established a cross departmental committee, consisting of members from the Ministry of Finance, Ministry of Economic Affairs, Ministry of Electronic and Information Technology, SEBI, and RBI, to specifically study virtual currencies. April 5, 2018 The RBI has issued a notice prohibiting banks from engaging in transactions with entities related to virtual currencies, requiring regulated entities to terminate their relationships within three months. After the ban was implemented, India's cryptocurrency trading volume decreased by 60%. July 3, 2018 The Internet and Mobile Association of India filed a lawsuit to the Supreme Court on behalf of the Exchange. July 22, 2019 The interdepartmental committee submitted a report recommending the prohibition of private virtual currencies and proposed a draft of the "2019 Prohibition of Cryptocurrencies and Regulation of Official Digital Currencies Act". March 4, 2020 The Supreme Court of India has ruled that the RBI 2018 ban is unconstitutional and immediately void. After the verdict, the number of encrypted users in India increased from 10 million to 15 million. November 2020 The government has released a draft of the 2020 Cryptocurrency and Regulatory Official Digital Currency Act, which aims to completely ban private cryptocurrencies (not submitted for voting). February 2021 The Minister of Finance publicly stated that 'all options are on the table, including a complete ban'. November 2021 The winter session of the parliament planned to discuss the encryption bill, but it was not on the agenda. February 1, 2022 The Minister of Finance announces the virtual digital asset tax system: -30% income tax on transfer income -Deduct 1% TDS for each transaction (later reduced to 0.1%) -Losses cannot be offset or carried forward After the implementation of the tax system, India's cryptocurrency trading volume decreased by 70%, with users dropping from 23 million to 15 million. December 2022 All exchanges providing services to Indian users must be registered with FIU-IND. September 9, 2023 India serves as the rotating chair of the G20, and the New Delhi leader has declared its inclusion in the "Global Regulatory Roadmap for Cryptocurrency Assets". January 2024 to September 2025 FIU-IND has issued compliance notices and imposed fines on 27 unregistered exchanges, with a total amount of approximately 62.3 million rupees involved. August 1, 2024 RBI launches stablecoin regulatory sandbox, with 80 companies applying. December 2024 The Ministry of Finance has submitted a draft of the 2024 Crypto Asset Regulation Act, defining Bitcoin and Ethereum as "digital assets". October 2025 RBI approves the first three pilot stablecoin issuances, limited to offshore US dollar stablecoins. November 2025 The daily trading volume of Indian digital rupee has exceeded 1 billion rupees, covering 130 million users. December 2025 The Ministry of Finance has stated that a complete regulatory framework for encrypted assets will be introduced by June 2026 at the latest. At present, the data that is convenient and open for Indian finance will be as follows by the end of 2025: Foreign bank shareholding: unlimited in India Foreign insurance holdings: 74% in India (unlocked in 2021) Capital account openness (Chinn Ito Index 2025): India 62, China 98 India's encrypted users: approximately 110 million Modi's public speech record: 2018: Cryptocurrency will destroy young people November 18, 2021: Ensure that cryptocurrencies do not fall into the wrong hands September 10, 2023: Cryptocurrency is the theme of the new social order, currency, and financial stability November 2025: India will become a benchmark for global digital asset regulation Please provide your thoughts and additional information in the comment section Xue Manzi's Dream Fund